SELF ASSESSMENT

Most employees have tax deducted at source via the PAYE system and are unlikely to have to fill in a tax return unless they receive other income.

When you start a business you have to remember to fill in the self-assesment every year even if your annual income is £0.

The type of self assessment form your will need to complete will depend on your employment status.

Send your tax return by the 31 January if you file online. Also you have to pay the Tax You Owe by the 31 January.

You’ll get a penalty if you need to send a tax return and you miss the deadlinefor submitting it or paying your bill.

You’ll get a penalty of £100 if your tax return is up to 3 months late. You’ll have to pay more if it’s later, or if you pay your tax bill late.

To fully take advantage of the tax benefits available to you, and do not miss the deadline contact the Right Choice Bookkeeping Services now.

November 2020
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